HFF secures $9 million refinancing for shopping center in Boynton Beach, FL

MIAMI, FL - HFF announced today that it has secured a $9 million refinancing for Boynton West Shopping Center (top left photo), a 195,000-square-foot retail center in Boynton Beach, Florida.

HFF worked exclusively on behalf of the borrower, KIR Boynton L.P., to secure the 10-year, fixed-rate securitized loan through Wells Fargo Real Estate Capital Markets.

Boynton West Shopping Center is located at 9903 South Military Trail at the intersection of West Boynton Beach Boulevard.  The property is currently 97 percent occupied and is anchored by Bealls and Burlington Coat Factory. 

The HFF team representing Kimco Income REIT, an affiliate of Kimco Realty Corporation, was led by director Elliott Throne (lower right photo).

“Kimco was able to take advantage of the return of the CMBS market to attain long term financing at a very attractive rate,” stated Throne. “The strength of KIR’s sponsorship enabled them to achieve aggressive terms from several lenders with Wells Fargo eventually offering the most compelling deal.”

For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.

Contacts:                      

ELLIOTT P. THRONE                                 

HFF Director                                                       

(305) 421-6549                                                   

ethrone@hfflp.com                                           

MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500  

mmoren@hfflp.com

Publix Opening Completes Boynton Lakes Plaza Redevelopment in Florida

BOYNTON BEACH, FL--(BUSINESS WIRE)-- Regency Centers (NYSE:REG) completed the redevelopment of Boynton Lakes Plaza, a 117,124-square-foot neighborhood center in Boynton Beach, Fla., which included the addition of a 45,000-square-foot Publix.

The new anchor relocated from an undersized store in a nearby center and is slated to open on June 9.

Boynton Lake Plaza’s redevelopment included the demolition of a former Winn-Dixie store and the construction of anchor and side shop space, new exterior facade and architectural components, parking lot improvements, upgraded lighting and landscaping.

Local artist Suzi K. Edwards (lower left photo) was commissioned to create a mosaic tile archway to further enhance the center’s aesthetics.

“The opening of a new, larger store by market-leading grocer Publix offers area residents a better grocery experience, as well as adds vibrancy to the center,” said Josh Spooner (lower right photo), vice president of investments for Regency Centers.

“Regency is proud to be an active member of this region’s retail business community. We have 14 shopping centers throughout the South Florida market, and we are committed to investing, upgrading and maintaining quality shopping centers that meet the needs of our neighborhoods.”

As part of Regency’s greengenuity® program to reduce the environmental impact of developing and operating shopping centers, the project incorporated basic sustainable elements such as recycling building materials, installing heat-reflective roof material and employing environmentally friendly plumbing fixtures, paint and coatings.

Located one mile west of Interstate 95 at the intersection of Congress Avenue and Hypoluxo Road in Boynton Beach, Boynton Lakes Plaza includes national retailers such as Hair Cuttery and Dunkin’ Donuts. The center is located at 4753 N. Congress Ave. For leasing information, contact Ross Kirchman at 561-630-2314.

The center was built in 1994 and acquired by Regency in 1997.

For more information, visit http://www.regencycenters.com/.

Contact:

For Regency Centers

The Hoffman Agency

Bonnie Hayflick, 904-398-9663

bhayflick@thehoffmanagency.com

or

Josh Spooner, 561-630-2308

Vice President, Investments

JoshSpooner@RegencyCenters.com

Marcus & Millichap Sells 163,786-SF Development Site in Boynton Beach, FL

  

BOYNTON BEACH, FL, May 14, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Seaview Park Club (top left aerial photo), a 163,786 Square-Foot Development Site located in Boynton Beach, FL, according to Gregory Matus, Regional Manager / Vice President of the firm’s Ft. Lauderdale office.

The asset commanded a sales price of $2,240,000.

The buyer, a private investor, was secured and represented by Tal I. Frydman (middle right photo), Vice President Investments at Marcus & Millichap’s Fort Lauderdale office. 

“This transaction was perfect for the new buyers as they own the property directly next door and will be developing Seaview Park Club as an extension of their existing property.

The bank awarded the buyer this deal as they were able to propose and deliver a rapid closing, which occurred just 9 days after the contact was signed,” says Frydman.

Seaview Park Club is a vacant 3.76-acre development site situated directly on the Intracoastal Waterway in the City of Boynton Beach, Florida. The property has been approved for 64-units and eight boat slips. Seaview Park Club is located at 1620 North Federal Highway. 

Press Contact:

Tal Frydman

Vice President Investments,

 Ft. Lauderdale, FL

(954) 245-3400

Advenir Acquires Class A Apartment Community in South Florida

LAKE WORTH, FL– Advenir, a premier provider of multi-family real estate investment and management services, has acquired Advenir at Boynton (formerly Colony Club) (top left photo), a 214-unit Class A apartment community located at 7132 Colony Club Drive in the Boynton Beach submarket of Palm Beach County, Florida for $26.65 million. 

“We were attracted to Advenir at Boynton because of the management upside, significant value to replacement cost, strong market fundamentals and lack of new construction,” said Todd Linden (middle right photo), Chief Acquisition Officer of Advenir. 

“Advenir is actively looking to acquire stabilized income producing multi-family assets in markets that have exhibited, and are projecting, healthy economies, positive employment growth, and in-migration.”

Linden went on to say that Advenir will implement a capital improvement program for this property focused on beautifying the exterior of the buildings and upgrading the community amenities.    

Built in 2005, Advenir at Boynton offers a for-sale feel with luxurious interiors including full size washer/dryers, ceiling fans, nine-foot ceilings, ceramic tile flooring, walk-in closets, Internet access, intrusion alarms, balconies/patios with hurricane shutters, windows with impact glass, gourmet kitchens with Whirlpool appliances, microwaves and direct-access one- and two-car garages. 

 Community amenities include automated gate access, clubhouse, pool with spa, fitness center, tot lot, two tennis courts, basketball court, sauna, locker rooms, picnic areas with BBQ, gazebo, extra storage, and onsite large lake creating beautiful waterfront views. 

Advenir at Boynton is 84 percent leased while the market is at 94 percent leased.  The community features 34 one bedroom/one bathroom units, 118 two bedroom/two bathroom units and 62 three bedroom/two bathroom units.  Currently, rents average $1,000-$1,600 per month.

 Advenir represented itself in the transaction.  Avery Klann (lower right photo) and Hampton Beebe (lower left photo) of Apartment Realty Advisors represented the seller, New York-based Holiday Organization.

 Additional Company information is available at www.advenir.net.

Contact:      

David Ebeling

Ebeling Communications

(949) 278-7851

david@ebelingcomm.com